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Entrepreneurs Grow Our
Economy
Mar. 16, 2002
"Future prosperity in
America will be fueled by the collective risk-taking of tens
of thousands of entrepreneurs around the country," says
Phil Holland, founder of a nonprofit organization providing free
education coursework online to foster successful entrepreneurs.
Between 1994 and 1998, the
U.S. economy added 11 million new jobs. Virtually all were generated
by small firms with fewer than 500 employees. Already, according
to federal statistics, small businesses provide about 75 percent
of new jobs and represent more than 99 percent of all employers.
So what separates the successful
entrepreneurs from failure statistics?
Holland says, "Businesses
fail because entrepreneurs make avoidable mistakes." New
entrepreneurs should consider four key elements at start-up,
including:
- Pick the right business. It
must have sustainable pricing power, should involve something
you love and fill a specialized niche.
- Understand the numbers. Gain
a basic knowledge of accounting and cash flow.
- Prepare a business plan before
you start. Focus on where you want your business to be and determine
how you'll achieve that.
- Don't go in cold: gain experience
in that business before starting.
Free coursework to help aspiring
entrepreneurs get started in their quest to start their own business
is available online from My Own Business, Inc., at www.myownbusiness.org.
Article reprinted from www.napsnet.com.
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